Sigh – another story that’ll make you cry next time you get one of those bank balance notifications.
The last one came with the realisation that MTN’s boss makes more in a day than many South Africans make in a year.
Sanlam CEO Ian Kirk isn’t sitting quite as pretty, but there are still some sobering numbers.
The financial services group has published its annual report, revealing how much the companies top executives were paid in 2018, reports BusinessTech.
In March the insurer announced its operational results for the 12 months ended December 2018, which also included the acquisition of the remaining 53% stake in Saham Finances, the largest transaction in Sanlam’s 100-year history.
Results for 2018 included 14% growth in the value of new life insurance business (VNB) on a consistent economic basis and more than R2 billion in positive experience variances.
Here are the key features of the annual results:
- Net result from financial services increased by 4% compared to the same period in 2017;
- Net operating profit of R2.04 billion, up 14%;
- Diluted headline earnings per share f 441,1 cents, down 8%;
- Net value of new covered business up 8% to R2 billion (up 14% on a consistent economic basis);
- Net fund inflows of R42 billion compared to R37 billion in 2017;
- Adjusted Return on Group Equity Value per share of 19,4% exceeded the target of 13%;
- Dividend per share of 312 cents, up 8%.
Right, back to Kirk. He took home R31,05 million for the year, which included a basic salary of R8,91 million, an annual bonus of R11 million, and long-term incentives valued at R10,93 million.
That means that Kirk, as the highest-paid executive on the Sanlam team, makes around R85 000 a day. That’s roughly 130 times the national average per-day salary of R650.
Must be nice.
Overall, Sanlam’s executive committee was paid a combined R139,7 million for the year, which works out to an average of R17,5 million per person.
Click on the image below to enlarge:
You can see the full list of Sanlam’s executives and their earnings here:
I’m in the wrong industry.
[source:businesstech]
